What to do when your student loan service changes

What to do when your student loan service changes
After paying off my student loans for several years, I received a letter informing me that my student loans were being transferred to another service loan. What kind? Whyyyy?

Despite the fact that I did not particularly like my student lender, I had absolutely no choice in this matter, and I experienced very little support when my biggest financial commitment instantly shifted to another. I was not sure what to expect. But now that my creditors have changed twice, I know what to do.

If you are in the same situation, follow these steps for a smooth transition to a new company serving the loan.

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What is a student loan?
A loan service is a company that manages your student loan payments. Your loan agent is assigned to you by the US Department of Education, so you cannot “search” for the best loan advisor. You are dealing with what you are given, for better or worse.

Currently there are 10 student loan service companies that manage student loan repayment and act as a link between the borrower and the lender.

What to do when a student loan service goes
A change in lender service may mean some backstage cases from your current loan officer. It can also be a step on behalf of the Ministry of Education, which is making efforts to help borrowers with more than one loan agent, transferring their loans so that they have only one serving agent.

A student loan change can also occur if you are participating in a government employee forgiveness program. All loans under this program are managed by FedLoan.

If you are not sure who your borrower is, you can get information about your federal loan through the National Student Loan Data System. For private student loans, borrowers can check their credit reports at AnnualCreditReport.com to find out.

For more info : https://studentloansresolved.com/

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